Minerals Income Investment Fund

What Minerals Income Investment Fund does

Minerals Income Investment Fund (MIIF) is Ghana's sovereign minerals fund, established in 2018 under the Minerals Income Investment Fund Act (Act 978) and operating as a wholly state-owned entity headquartered in Accra. Its statutory mandate encompasses three functions: receiving and managing mineral royalties on behalf of the Government of Ghana, managing the state's equity interest in large-scale mining operations, and investing royalty proceeds transparently for long-term national benefit. The Fund's primary revenue inflows come from mineral royalties across gold, manganese, granite, limestone, and salt, with GH₵5.43 billion collected in 2025 (a 10.8% year-over-year increase). Following the 2025 amendment (Act 1137), MIIF retains 2% of mineral royalties while the balance flows to government coffers, and it has expanded into strategic equity investments including a US$60 million commitment to lithium and salt industries and a 2.4% stake in Atlantic Lithium's Ewoyaa Lithium Project.

MIIF's product and technology portfolio centers on the Gold Trade Desk, which formalized small-scale mining and channeled US$1.02 billion in gold to LBMA-certified refineries within 12 months of launch, and the Small-Scale Mining Incubation Program (SSMIP) supporting licensed artisanal miners. The Fund operates a Royalties Dashboard for compliance monitoring and has co-developed ESG Intelligence research with Oxford Business Group. A planned gold-backed Exchange Traded Fund (ETF) for retail Ghanaian investors has been delayed due to regulatory challenges. MIIF maintains direct relationships with all major Ghanaian mining operators including Newmont, AngloGold Ashanti, Gold Fields, Asanko Gold, Ghana Manganese Company, and Atlantic Lithium.

The Fund distributes returns through dividend policies to the Government of Ghana and participates in major international mining conferences (African Mining Indaba, PDAC Convention) to position Ghana as a sustainable mining investment destination. Asset growth has been substantial, expanding from $180 million at inception to over $1 billion under management, with a stated 10-year target of $6 billion. Under CEO Mrs. Justina Nelson (appointed January 2025), MIIF has pursued structural and governance reforms, expanded partnerships with the IMF and Zambia's Ministry of Mines, and intensified inter-agency coordination with the Ghana Revenue Authority and Minerals Commission for royalty enforcement.

Name

Minerals Income Investment Fund

Legal name

Minerals Income Investment Fund

Website

https://miif.gov.gh

Company type

Private

Founded year

2018

Operating status

Operating

Short description

Minerals Income Investment Fund (MIIF) is Ghana's sovereign minerals fund that collects and manages mineral royalties, holds state equity in mining ventures, and invests proceeds for national benefit. It operates the Gold Trade Desk, a Royalties Dashboard, and serves large-scale miners and the Government of Ghana.

Ownership category

akta.pro rank

Headquarters

HQ city

Accra

HQ country

Ghana

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Mineral Royalty Collection: MIIF receives mineral royalties from large-scale mining operations in Ghana, including gold, manganese, granite, limestone, and salt. Royalty inflows grew from GH₵4.9 billion in 2024 to GH₵5.43 billion in 2025.
2. Strategic Equity Investments: MIIF invests royalties in diversified portfolio across equities, fixed income, and alternative investments. The Fund takes equity positions in mining ventures and infrastructure projects including lithium, salt, and value-addition projects.
3. Gold Trade Desk Revenue: Gold trade desk attracts US$1.02 billion in 12 months by supplying gold to LBMA-certified refineries. Also supplies US$600 million to Bulk Distribution Companies for petroleum imports.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

MIIF is Ghana's sovereign minerals wealth fund that collects and manages mineral royalties from large-scale mining operations (gold, manganese, lithium, granite, limestone, salt) on behalf of the Government of Ghana. The Fund invests royalty proceeds across equities, fixed income, and alternative investments, operates a Gold Trade Desk to formalize small-scale mining and supply gold to LBMA-certified refineries, and takes strategic equity positions in mining ventures including the Ewoyaa Lithium Project.

Product overview

The Minerals Income Investment Fund (MIIF) is Ghana's sovereign minerals fund operating under Acts 978 and 1137. The Fund's product portfolio centers on three core mandates: (1) receiving and managing mineral royalties on behalf of the government, (2) managing equity interest in large-scale mines, and (3) investing royalties transparently for national benefit. The primary offerings include the Gold Trade Desk for small-scale mining formalization, the Small-Scale Mining Incubation Program (SSMIP), and a planned Gold-Backed ETF. Supporting products include the MIIF Royalties Dashboard for monitoring, ESG Intelligence reports developed with Oxford Business Group, the Investment Policy & Guidelines document, MIIF ESG Policy 2024, and the Right to Information Request Manual. The Fund also manages the Women from Mining Communities (WomCom) Scholarship Programme for STEM education. MIIF has grown its assets from $180 million to over $1 billion since 2018 and aims to reach $6 billion in assets under management by the next decade.

Differentiator

Problem solved

Functional benefit

Products and services

• Gold Trade Desk A trading initiative designed to formalize Ghana's small-scale mining sector by providing a reliable market for locally produced gold, ensuring traceability through LBMA-certified refineries, and supplying foreign exchange to the broader economy.
• Small-Scale Mining Incubation Program (SSMIP)

Quantifiable outcome

• Record GH₵5.43 billion in mineral royalties collected in 2025, representing 10.8% increase year-over-year
• +5 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

14 partnerships are on record, tiered core and minor.

• International Monetary Fund (IMF)coreStrategic or Co-development Partner · 25 June 2026High-level discussions on strengthening Ghana's mining sector with focus on increasing mineral revenue mobilisation and accelerating formalisation of small-scale mining sector. IMF led by Resident Representative Dr Adrian Alter.
• Women in Mining Ghana (WIM Ghana)coreStrategic or Co-development Partner · 31 May 2026Strategic partnership to promote women's empowerment and gender inclusion in Ghana's extractive sector. Focus on leadership development, mentorship, skills advancement, joint outreach programmes, and Women from Mining Communities Scholarship Programme for STEM education.
• Ghana Revenue Authority (GRA)coreStrategic or Co-development Partner · 8 May 2026Revived inter-agency committee for strengthening monitoring, verification and collection of mineral royalties. GRA chairs the committee through Dr Martin Yamborigya. Focus on compliance enforcement and revenue assurance.
• Minerals CommissioncoreStrategic or Co-development Partner · 8 May 2026Member of revived inter-agency committee for royalty monitoring. Collaboration on regulatory compliance and production declarations tracking.
• Economic and Organised Crime Office (EOCO)coreStrategic or Co-development Partner · 8 May 2026Inter-agency committee member for combating illegal mining and ensuring proper mineral royalty contributions to national revenue.
• Prospectors & Developers Association of Canada (PDAC)coreStrategic or Co-development Partner · 1 March 2026MIIF participated at PDAC Convention 2026 in Toronto to position Ghana as preferred destination for responsible and sustainable mining investment. Convention attracted 30,000+ participants from 135 countries.
• Asanko Gold Mine Ghana LimitedcoreStrategic or Co-development Partner · 9 February 2026Strategic meetings at African Mining Indaba 2026 to explore collaboration in streaming arrangements, foreign exchange, ESG integration, reforestation of mined-out areas, and Women from Mining Communities Scholarship Scheme for STEM education.
• AngloGold Ashanti Ghana LimitedcoreStrategic or Co-development Partner · 9 February 2026Engagements at African Mining Indaba 2026 covering streaming arrangements, foreign exchange, ESG integration, and reforestation initiatives.
• Gold Fields Ghana LimitedcoreStrategic or Co-development Partner · 9 February 2026Discussions at African Mining Indaba 2026 on streaming arrangements, ESG integration, reforestation initiatives. Prior December 2025 meeting explored investment partnerships, knowledge transfer, and capacity building. Gold Fields derives 31% of global gold production from Ghana.
• African Mining IndabacoreStrategic or Co-development Partner · 9 February 2026Annual participation at African Mining Indaba 2026 in Cape Town, South Africa, themed 'Stronger Together: Progress Through Partnerships'. Engaged with mining companies, investors, and financial institutions.
• Gold Fields Ghana LimitedcoreStrategic or Co-development Partner · 18 December 2025Meeting on December 18 to explore potential investment partnerships. Gold Fields presented economic contributions including infrastructure developments and environmental remediation. MIIF expressed interest in knowledge transfer and capacity building.
• Zambia Ministry of MinesminorStrategic or Co-development Partner · 1 December 2025Hosted Zambian delegation to strengthen bilateral cooperation in mineral sectors. Ghana and Zambia exploring opportunities for collaboration, joint investments, and development of mineral value chains.
• Oxford Business GroupminorStrategic or Co-development Partner · 1 November 2024Collaborative research on ESG Intelligence covering Ghana's Mining Sector using MIIF's approach as main case studies.
• Ghana Stock Exchange (GSE)minorStrategic or Co-development Partner · 15 October 2024Collaboration to list junior mining companies on the exchange, providing opportunity for Ghanaians to invest in the mining sector.

Scale indicators27 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Pula Fund (Botswana): Botswana's sovereign wealth fund established to preserve mineral revenue for future generations; the most direct functional peer to MIIF as an African minerals-backed SWF with a similar intergenerational mandate and natural-resource focus.
• Nigeria Sovereign Investment Authority (NSIA): Manages Nigeria's sovereign wealth fund across three funds including a future-generations fund, with a similar three-pronged mandate structure and government-mandated role in managing resource revenues and strategic investments.

Regional players

• Angola Sovereign Wealth Fund (Fundo Soberano de Angola): Angola's SWF investing oil and diamond revenues across asset classes; comparable as an African resource-backed SWF focused on preserving extractive-sector wealth for national benefit.
• Public Investment Corporation (South Africa): Manages South African government employee pension and social security funds with significant exposure to mining and resource sectors; comparable as a large African state-affiliated investment vehicle with mineral-sector focus.
• Libya Investment Authority (LIA): Libya's sovereign wealth fund managing oil revenues across global investments; comparable as a resource-funded African SWF with similar structural challenges of state ownership and political risk.

Broad incumbents

• Temasek Holdings: Singapore's state-owned investment company operating across a diversified portfolio with significant resources, financial services, and infrastructure exposure; comparable in scale, mandate breadth, and sovereign investor operating model.
• GIC (Singapore): Singapore's sovereign wealth fund managing the country's foreign reserves with a long-term, global multi-asset investment mandate; comparable in scale, institutional discipline, and sovereign investor governance.
• Norwegian Government Pension Fund Global: World's largest sovereign wealth fund investing Norway's oil and gas revenues; comparable as a resource-revenue-funded SWF with an explicit intergenerational mandate and strong ESG/responsible investment framework.
• Mubadala Investment Company: Abu Dhabi's sovereign investor with significant mining, critical minerals, and infrastructure investments; comparable in mandate to deploy resource wealth into diversified, long-horizon strategic investments.
• Khazanah Nasional: Malaysia's sovereign wealth fund managing state commercial assets and strategic investments; comparable as a state-owned investment institution with a developmental mandate and active portfolio management approach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/MineralsFundGH
• YouTubeyoutube.com/@MineralsFundGH
• Facebookfacebook.com/MineralsFundGH
• LinkedInlinkedin.com/company/minerals-income-investment-fund-ghana/?viewAsMember=true

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

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M&A

Investments4 records

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Frequently asked questions about Minerals Income Investment Fund